FX.co ★ Daily Video Analysis: GBPAUD facing bearish pressure, potential for further drop!

Today we take a look at GBPAUD. Combining advanced technical analysis methods such as Fibonacci confluence, correlation, market structure, oscillators and demand/supply zones, we identify high probability trading setups. Price is holding under the descending trendline resistance and Stochastics has just reversed from the upper resistance level where it has reacted from before, in line with our bearish bias. We could see a reversal at sell entry level, in line with our descending trendline resistance and 50% Fibonacci retracement, and further downside towards our take profit levels, in line with 61.8% Fibonacci retracement and horizontal swing low support.